Redstone CSP financing underway

Following the signing of a 20-year PPA with Eskom last week for the 100MW Redstone Solar Thermal Power project in South Africa, project sponsors SolarReserve and ACWA Power are expected to reach financial close on the scheme in July.

The CSP project incorporates a 12-hour integrated molten salt energy storage system and was awarded as part of the South African Department of Energy’s Renewable Energy Independent Power Producer Procurement programme (REIPPP). 

IFC, OPIC and KfW are lead arranging the ZAR7.9 billion ($650 million) financing and will be joined by Standard, Nedbank and possibly two European banks in the final lender line-up. The total project cost is around ZAR1.1 trillion